A tale of two markets mid-session Thursday: memory chip names are soaring after Micron's blockbuster earnings obliterated expectations, while Apple and Microsoft are dragging the Nasdaq lower following price hike announcements on consumer hardware. The S&P 500 and Dow are holding modest gains, but the Nasdaq is fighting to stay in positive territory as Mag7 tech faces a sharp rotation. Meanwhile, PCE inflation came in hot, oil is tanking on US-Iran peace progress, and Bitcoin is sliding below $60,000.
→ PCE reaction into the close: The hot inflation print is already pressuring rate-sensitive assets. Watch whether bond yields climb further and whether that breaks the S&P 500's tenuous hold on gains heading into the final two hours.
→ Apple and Mag7 stabilization: AAPL is the single biggest weight on the Nasdaq right now. Any reversal or buy-the-dip activity in the final session could determine whether the Nasdaq closes green or red on a day that should have been a chip-driven rally.
→ Oil at the $70 floor: WTI crude is hovering right at $70/barrel — a psychologically critical level. A decisive break lower could further pressure energy sector stocks and shift the inflation narrative, but any sign of Iran deal delays could snap prices back fast.